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Exam 1: Customer-Driven Strategic Marketing

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Question 91

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Which of the following is true about the marketing environment?

A) Competitive marketing environment forces are the hardest to understand.
B) Changing marketing environment forces are always advantageous for marketers.
C) The effects of marketing environment forces can be difficult to predict.
D) Marketing environment forces usually do not impact one another.
E) Good marketers are able to anticipate all marketing environment forces before they arise.

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Question 92

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A company's customers, employees, shareholders, suppliers, governments, communities, and competitors comprise its

A) stakeholders.
B) stockholders.
C) public.
D) marketing mix.
E) target market.

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Question 93

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A recent meeting of the Council of Supply Chain Management Professionals featured an executive from Dell, which is known for its ability to customize computers to customers' needs as well as their ability to provide quality products at economical prices through their retail channel. The executive discussed the firm's capabilities regarding the ability to produce products that are "built-to-order" and noted that recent customer insight showed customers were less willing to wait 7 to 10 days to receive their computer even though it was built to their specifications. As a result of this customer trend, Dell began forging relationships with retailers such as Walmart to provide a limited number of computer models in the retailers' stores. In order to fulfill the orders to Walmart, Dell was required to make changes in its production and manufacturing such as holding more products in inventory and utilizing different modes of transportation. For example, Dell was able to shift from a focus on air transportation to over-the-road trucking, which enabled it to cut costs in some areas. As Dell shifted from a "build-to-order" manufacturer to a "make-to-stock" manufacturer, it also had to make investments in customer analytics to identify customer needs as well as collect insight regarding pricing. This customer insight was especially important to the retail partners like Walmart, which requires its vendors to justify product stock decisions and provide proof that retail inventory will sell at the projected price points. Dell's ability to modify its business model by forging relationships with retailers such as Walmart as well as customer insights has helped the company achieve its revenue and profitability goals. ​ Based on the information provided regarding Dell, which orientation would best describe its approach to marketing?

Laura is a salsa dancer who wants to become a professional. Every time she has a performance, she places a flyer in the local community center and encourages her friends to tell others about the performance. Laura is engaging in marketing activities.

Why is marketing important to businesses and to the economy?

The majority of the heads of marketing for most multinational corporations would likely describe marketing as a very complex discipline. They will give a long list of variables and factors that impact a company's marketing success. Most of these variables and factors are part of what is called the marketing environment. ​ The U.S. unemployment rate would fall under which set of forces in the marketing environment?

Today, establishing long-term, mutually beneficial arrangements in which both the buyer and seller focus on value enhancement through the creation of more satisfying exchanges is known as

Basic and extended warranties can reduce risk, a major customer cost.

For most firms, the costs of marketing activities consume approximately what portion of the consumer's dollar?

At the most basic level, profits can be obtained through relationships by acquiring new customers, enhancing the profitability of existing customers, and extending the duration of customer relationships.

A physical product you can touch is a(n)

Panera is introducing some of its products into supermarkets, vending machines, college campuses, and other locations to increase its product availability and convenience. One reason Panera is doing so is to

Scenario 1.2 Use the following to answer the questions.??Paws and Claws Hotel is a full-service pet salon and boarding kennel. Paws and Claws has an interactive website where customers can directly book a grooming appointment, obedience class, or overnight accommodations for their dog or cat. Paws and Claws has several unexpected services, such as a 600-square-foot swimming pool, complete with slide and dog-friendly graduated steps to help them exit the pool. Customers can also drop their dog or cat off each morning for pet day care. Paws and Claws has a pick-up and delivery service, webcams in every kennel so that pet families can view their pets while away, and pet "furniture" so that the cats and dogs can lie on sofas just like at home. Paws and Claws is also open 24 hours a day, 365 days each year so that customers can pick up their pet at any time.The cost for an overnight stay at Paws and Claws averages $50, compared to competing kennels at about $30. The day care costs are $25 for either a dog or cat. The majority of Paws and Claws' competitors don't offer the day care service, and require a two-day minimum for overnight stays. Informal discussions with customers led to the addition of pet day care and 24 hours of operation. Previously, Paws and Claws was more interested in competing based on its prices. -Refer to Scenario 1.2. Paws and Claws' target market is most likely to be which of the following?

The marketing concept focuses on

Which of the following is most likely to be an idea marketer?

Issues of inventory levels and storage costs are both concerns relating to the ____ variable of the marketing mix.

Hayden, a buyer for a medium-sized company, is assessing the value of competing software products for use in his firm. Which of the following would NOTbe a customer benefit considered in his determination of this product's value?

The application of mechanical and human efforts to either people or objects to provide intangible benefits to customers is known as a(n)

​The marketing environment is the arena in which the marketer executes marketing strategies and techniques designed to build relationships with customers. It includes a host of forces that surround the customer and affects the marketing mix. ​ The marketing environment:

Which of the following best describes the acceptance of the marketing concept by American organizations?​